Beatrice invests $1,320 in an account that pays 4 percent simple interest. How much more could...
|
Beatrice invests $1,320 in an account that pays 4 percent simple
interest. How much more could she have earned over a 5-year period
if the interest had compounded annually? |
Homework Answers
Simple interest=1320*4%*5=264
compunded Interest=(1320*1.04^5)-1320=285.98
more interest=285.98-264=21.98
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